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According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share in ZIP codes at high risk from wildfires. [6] Between 2020 and 2024, the number of homes covered by FAIR Plan policies more than doubled, while the Plan's total exposure (including commercial properties) nearly tripled. [7]
Consumer Watchdog, a non-profit group that has previously sounded alarms about FAIR's solvency, warned last year that California homeowners could be on the hook for a $1,000 to $3,700 surcharge ...
California’s FAIR Plan is a last resort option and is intended to be a temporary solution for homeowners who need hazard insurance in California. The FAIR Plan Association recommends that ...
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance ...
From 2012 to 2021, home insurers in California lost money on underwriting and insurance transactions, while nationwide average profit margins on those deals were 3.6% to 4.2%, respectively.
Homeowners have seen a rapid decrease in coverage options and a growing number are having to rely on the California FAIR Plan, a state-created private insurer of last resort.
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